US100
Let’s start today’s analysis with the US tech index - Nasdaq (US100).Looking at the H4 time frame, one can see that the upward move stopped at 14,050 pts and the potential double top pattern is building up. The main trend remains upward, however in case of a break below the 13,720 support, which is also the neckline of the aforementioned formation, the downward correction move may accelerate. Considering the bearish scenario, the next key support is located around 13,300 pts and is marked with the lower limit of 1:1 structure, 38,2% Fibonacci retracement and the previous price reactions. On the other hand if buyers manage to break above the resistance at 14,050 pts, the market may continue to move into uncharted territory.
US100 H4 interval. Source: xStation5
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Secondly, let’s take a look at the gold market. Looking at the H4 interval, one can see that a downward correction which was launched last week is being continued. However the price of this commodity reached the key support area at $1,763, marked with the lower limit of 1:1 structure and the previous price reactions. Should buyers manage to halt declines here, another upward impulse may start. On the other hand, breaking below this area will negate the bullish scenario.
GOLD H4 interval. Source: xStation5
DE30
Last but not least, let's take a look at the German DAX (DE30), which has been trading in a sideways move recently. The upper limit of the consolidation lies at 15,330 pts and it is being tested for now. The lower limit can be found at 15,185 pts, and is also strengthened by the lower limit of 1:1 structure,and the 100 - period moving average. According to the Overbalance methodology, as long as the price is above the aforementioned support, the main trend remains upward and there is a possibility to break higher in near time. On the other hand, break below 15,185 pts level could trigger a bigger downward correction.
DE30 H4 interval. Source: xStation5
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